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Re: TURNER MATHESON AND NEW WORLD Thu, 25 August 2005 09:48 Go to previous messageGo to previous message
hjo
Messages: 6
Registered: August 2005
Location: Sweden
Junior Member
Why are they contacting you by telephone?
-Of course it is easier to make you their customer that way than by using e-mails (SPAM).
-They can promise more than they are allowed to as NASD registered brokers

Some more:
-The broker might not even be registered by NASD. He can have borrowed a name there.
-He makes you look up the NASD register to “verify” he is there
-They make you look up the organisation’s homesite but that site can be a fake site
-The real firm can have another domain name
-The fact that the broker get one of your e-mails is no proof that the domain is the real firm’s
-They often have “hidden” fees (they tell you about them later)
-They would only open an account if I put 50.000 SKR (about 6.500 USD) there
-They talk about that you can never lose more than 20% and talks about insurance but they do not mention that this insurance does not cover if the broker makes a poor affair. The insurance is worth something if the firm goes bankrupt.
-They tell you that they work in a Mediterranean country because of the time zones but that is not the only reason (if it is a reason at all). What they do is harder to trace there from USA and especially if they work towards a third country like Finland.

For a more general warning have a look at NASD:s site www.nasd.com. See their first subject (on the left) “Investor Alerts - Avoid Scams and Problems”. At the page you can also have a look at “Notices to members”. At the end of every month there is “Disciplinary and Other NASD Actions”. On the whole it is frightening information. Shocked

I am supposed not tell what I have learned about New World Financial or any financial company but you can do your own investigation. First find “NASD BrokerCheck - Check your Broker's Professional Background” (on the left) and then find the company and its CRD. Then you can order “disciplinary information”. You get the information by e-mail.

I suggest that nobody who is like me, i.e. is an economically relatively naïve person, shall use a broker in another country. If you want a broker get one in your own country.

If you have been scammed you can go to your local police and - if there is a connection to internet - go to http://www.ifccfbi.gov/index.asp
and complain but I do not know if it is worth it. Maybe it is if you have been robbed a big sum. I have made some complaints during the years but the only result I have seen is a copy of my complaint!

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